Markets braced in wake of Greek No vote

European markets are poised to open lower after Greece rejected the terms of an international bailout yesterday.

The BBC reports the euro fell 0.4 per cent against the dollar and 0.5 per cent against the pound after the vote, which saw Greeks vote overwhelmingly against the bailout terms with 61.3 per cent voting No and 38.7 per cent voting Yes.

Asian markets, which have already been hit over the last week by news that the Chinese securities regulator is investigating suspected stockmarket manipulation, have seen further falls.

Japan’s Nikkei index is down over 2 per cent as at 8.25am, while Paris and Frankfurt indexes are expected to fall between 2.5 and 3 per cent.

The FTSE 100 is down 0.68 per cent in early trading.

Following the Greek referendum yesterday, finance minister Yanis Varoufakis has resigned saying he had been “made aware of a certain preference by some Eurogroup participants and assorted ‘partners’, for my ‘absence’ from its meetings.”

Greek prime minister Alexis Tspiras gave a televised address late last night, saying: “Given the unfavourable conditions last week, you have made a very brave choice.

“But I am aware that the mandate you gave me is not a mandate for rupture.”

Greece is to return to talks today, but has highlighted a report from the International Monetary Fund which calls for Greek debt to be restructured.

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